Kingdom Holding Posts 10.3% Rise In Q4 Profit

Saudi Arabia’s Kingdom Holding, the investment firm of billionaire Prince Alwaleed bin Talal, posted a 10.3 per cent increase in fourth-quarter net profit on Tuesday, mainly due to a rise in the value of its investments.

Kingdom made a net profit of 231.2 million Saudi riyals ($61.65 million) for the quarter compared with a profit of 209.6 million riyals for the year-ago period, it said in a bourse statement.

The investment firm has minority stakes in some of the world’s top companies. Aside from being one of the largest shareholders in Citigroup, it owns stakes in Rupert Murdoch’s News Corp and microblogging site Twitter.

Full-year net profit rose five per cent to 742.5 million riyals, Kingdom said.